Barclays Bank PLC (“Barclays”) announced today that it plans to
reduce the investor fee for its iPath ® Pure Beta Crude Oil ETNs
(the “ETNs”) which are currently listed on the New York Stock
Exchange under the ticker symbol “OIL”.
Effective as of the open of trading on February 1, 2021, the
investor fee per ETN for the ETNs will be equal to (1) 0.57%1 times
(2) the applicable closing indicative value on the immediately
preceding calendar day times (3) the applicable daily index factor
on that day (or, if such day is not an index business day, one)
divided by (4) 365. Because the investor fee is calculated and
subtracted from the closing indicative value on a daily basis, the
net effect of the investor fee accumulates over time and is
subtracted at the rate of 0.57% per year. Similarly, the net effect
of the futures execution cost of 0.10% accumulates over time and is
subtracted at the rate of 0.10% per year.
Barclays may, at its sole discretion, increase the investor fee
rate to its original rate of up to 0.75% per year by filing an
amended pricing supplement for the ETNs with the Securities and
Exchange Commission and issuing a press release announcing such
increase no less than 15 calendar days prior to the effective date
of such increase.
Anyone considering investing in the ETNs or continuing to hold
the ETNs should consider the risks described in the prospectus for
the ETNs when making an investment decision and consult with their
broker or financial adviser to evaluate their investment in the
ETNs.
The ETNs are riskier than ordinary unsecured debt securities and
have no principal protection. The ETNs are unsecured debt
obligations of the issuer, Barclays Bank PLC, and are not, either
directly or indirectly, an obligation of or guaranteed by any third
party. An investment in the ETNs involves significant risks,
including possible loss of principal, and may not be suitable for
all investors. For more information on risks associated with the
ETNs, please see "Selected Risk Considerations" below and the risk
factors included in the relevant prospectus.
The prospectus relating to the ETNs can be found on EDGAR, the
SEC website at: www.sec.gov, as well as on the product website at
the link listed below:
http://ipathetn.com/oilprospectus
Barclays is the issuer of iPath® ETNs and Barclays Capital Inc.
is the Issuer’s agent in the distribution. Please contact Barclays
for further questions:
Financial advisors:
- Directly contact Barclays at etndesk@barclays.com or
1-212-528-7990 to obtain further information
Individual investors:
- Instruct your broker/advisor/custodian to email us at
etndesk@barclays.com or to call us at: 1-212-528-7990
You may call in together with your broker/advisor/custodian or
have them speak to us on your behalf.
About Barclays:
Barclays is a British universal bank. We are diversified by
business, by different types of customer and client, and geography.
Our businesses include consumer banking and payments operations
around the world, as well as a top-tier, full service, global
corporate and investment bank, all of which are supported by our
service company which provides technology, operations and
functional services across the Group. Barclays offers investment
banking products and services in the US through Barclays Capital
Inc. For further information about Barclays, please visit our
website home.barclays
Selected Risk Considerations
An investment in the iPath ETNs described herein involves risks.
Selected risks are summarized here, but we urge you to read the
more detailed explanation of risks described under “Risk Factors”
in the applicable prospectus supplement and pricing supplement.
You May Lose Some or All of Your Principal: The ETNs are
exposed to any decrease in the level of the underlying index
between the applicable inception date and the applicable valuation
date. Additionally, if the level of the underlying index is
insufficient to offset the negative effect of the investor fee and
other applicable costs, you will lose some or all of your
investment at maturity or upon redemption, even if the value of
such index level has increased or decreased, as the case may be.
Because the ETNs are subject to an investor fee and other
applicable costs, the return on the ETNs will always be lower than
the total return on a direct investment in the index components.
The ETNs are riskier than ordinary unsecured debt securities and
have no principal protection.
Credit of Barclays Bank PLC: The ETNs are unsecured debt
obligations of the issuer, Barclays Bank PLC, and are not, either
directly or indirectly, an obligation of or guaranteed by any third
party. Any payment to be made on the ETNs, including any payment at
maturity or upon redemption, depends on the ability of Barclays
Bank PLC to satisfy its obligations as they come due. As a result,
the actual and perceived creditworthiness of Barclays Bank PLC will
affect the market value, if any, of the ETNs prior to maturity or
redemption. In addition, in the event Barclays Bank PLC were to
default on its obligations, you may not receive any amounts owed to
you under the terms of the ETNs.
Issuer Redemption: Barclays Bank PLC will have the right to
redeem or call the ETNs (in whole but not in part) at its sole
discretion and without your consent on any trading day on or after
the inception date until and including maturity.
Pure Beta Series 2 Methodology. The Barclays Pure Beta
Series 2 Methodology with respect to the ETNs seeks to mitigate
distortions in the commodities markets associated with investment
flows and supply and demand distortions. However, there is no
guarantee that the Pure Beta Series 2 Methodology will succeed in
these objectives and an investment in the ETNs linked to indices
using this methodology may underperform compared to an investment
in a traditional commodity index linked to the same
commodities.
Market and Volatility Risk: The market value of the ETNs
may be influenced by many unpredictable factors and may fluctuate
between the date you purchase them and the maturity date or
redemption date. You may also sustain a significant loss if you
sell your ETNs in the secondary market. Factors that may influence
the market value of the ETNs include prevailing market prices of
the U.S. stock markets or the U.S. Treasury market, the index
components included in the underlying index, and prevailing market
prices of options on such index or any other financial instruments
related to such index; and supply and demand for the ETNs,
including economic, financial, political, regulatory, geographical
or judicial events that affect the level of such index or other
financial instruments related to such index.
Concentration Risk: Because the ETNs are linked to an
index composed of futures contracts on a single commodity or in
only one commodity sector, the ETNs are less diversified than other
funds. The ETNs can therefore experience greater volatility than
other funds or investments.
A Trading Market for the ETNs May Not Develop: The
liquidity of the ETNs may be limited, as we are not required to
maintain any listing of the ETNs.
No Interest Payments from the ETNs: You may not receive
any interest payments on the ETNs.
Restrictions on the Minimum Number of ETNs and Date
Restrictions for Redemptions: Except with respect to the
circumstances described above or as otherwise specified in the
applicable product prospectus, you must redeem at least the minimum
number of ETNs specified in the applicable product prospectus at
one time in order to exercise your right to redeem your ETNs on any
redemption date. You may only redeem your ETNs on a redemption date
if we receive a notice of redemption from you by certain dates and
times as set forth in the product prospectus.
Uncertain Tax Treatment: Significant aspects of the tax
treatment of the ETNs are uncertain. You should consult your own
tax advisor about your own tax situation.
The ETNs may be sold throughout the day on the exchange through
any brokerage account. There are restrictions on the minimum number
of ETNs you may redeem directly with the issuer as specified in the
applicable prospectus. Commissions may apply and there are tax
consequences in the event of sale, redemption or maturity of ETNs.
Sales in the secondary market may result in significant
losses.
© 2021 Barclays Bank PLC. All rights reserved. iPath, iPath ETNs
and the iPath logo are registered trademarks of Barclays Bank PLC.
All other trademarks, servicemarks or registered trademarks are the
property, and used with the permission, of their respective
owners.
NOT FDIC INSURED · NO BANK
GUARANTEE · MAY LOSE VALUE
1 From April 21, 2011 through the close of trading on January
29, 2021, the investor fee per ETN for the ETNs was equal to (1)
0.75% times (2) the applicable closing indicative value on the
immediately preceding calendar day times (3) the applicable daily
index factor on that day (or, if such day is not an index business
day, one) divided by (4) 365.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210129005079/en/
Danielle Popper +1 212 526 5963 Danielle.Popper@barclays.com
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